Documenting the collapse of a bitcoin doubler (GladiaCoin)

The MLM underbelly doubler business model is nothing new. Affiliates sign up and invest, with a 200% ROI offered either via a set timetable or open-ended.

The only source of revenue to pay the ROI is subsequently invested funds, making every doubler a Ponzi scheme.

HYIP scams have been using it with fiat currency for years, however recently there’s been a surge in cryptocurrency doublers.

To the best of my knowledge, the first scheme to combine cryptocurrency with the doubler model was GladiaCoin.

GladiaCoin launched in March and promised affiliate investors a 200% ROI in 90 days. Run by anonymous scammers, GladiaCoin has since spawned a number of clones.

Whereas HYIP doublers typically used forex trading as the ruse behind ROI revenue, cryptocurrency doublers use trading the currency itself. Proof of trading of any kind is of course never provided.

Well before the initial 90 day maturity period was up for initial investment, GladiaCoin ran into problems in late May.

On May 19th, GladiaCoin suspended affiliate ROI payouts for five days citing “conditions of the blockchain network”.

Bitcoin transactions have not been confirmed quickly as usual and this directly impacts the trading operation as we have thousands of queued orders waiting at least 1 confirmation that has taken up to 24 hours to consolidate.

Withdrawal restrictions were also tightened, limiting affiliates to withdrawing a minimum 0.1 BTC over the previous 0.03 BTC limit.

ROI payments did resume on May 20th, however a week later GladiaCoin was in trouble again.

Not surprisingly, GladiaCoin continued to deteriorate and on June 3rd suspended ROI payouts for another week.

In the latest email sent out to GladiaCoin affiliates on June 10th, the company has advised it will not meet its advertised 200% ROI on any funds invested that have already paid back more than was initially invested.

If you have already received at least your investment per login by adding up the value of Trader Bonus + Binary Bonus, you will no longer receive Trader Bonus as of today.

ROI payouts company-wide remain suspended, with the company promising

if you have not recovered your investment, rest assured!

Next week we will announce how you will recover at least the amount of your investment per login.

Not surprisingly, GladiaCoin’s recent ROI payout issues have nothing to do with cryptocurrency trading. Rather the company itself acknowledges it can’t pay because after ‘follow(ing) the work of investors, but the turnover has not recovered‘.

The “work of investors” and “turnover” is Ponzi code for “nobody is investing new money anymore”.

The bottom line is when you’re using newly invested funds to pay off existing investors, you can only pay a 200% on a very limited number of investment amounts.

All of the bitcoin doublers also have a pyramid recruiting component, which further drains available ROI funds.

The end result is a collapse well before the promised maturity period, as not even the most cunning of scammers can beat basic mathematics.

For affiliates of such schemes the end-result is always the same: the majority lose money to the big recruiter minority.

As losses in bitcoin doublers continue to mount over the coming months, no doubt we’ll see more of them emerge. The more devious of which will be pitched to desperate investors trying to recoup existing losses.

Whether the anonymous scammers running these opportunities make off with your money or not is up to you.

The news giving me stress coz I used my line of credit to buy 2 bitcoin after a week the gladiacoin announce 7 days not to pay not even 7 days until now. Whats the guarantee to get back my money. I never earn money for a few days I join then was crushed.

Please help me how to get back my money coz I don’t have enough money to pay the bank with interest. I cannot sleep and crying.

I plan to report my friend who force me to join to CRA so he will be investigated.

Ditto what John said. You spent your credit line on something with a guarantee that’s not worth spit. But that’s what happens what you hand over money to people you never heard of and can never track down.

Maybe you can bother the person who recruited you, but s/he is probably just as bad off as you are.

You underestimated the risk. You never had a chance. After all you gave your money to people you don’t know who made impossible promises of growth. This wasn’t a lottery where odds are known. This was designed to not give you info to make proper decisions. In other words, it’s a scam.

I was terribly scammed by gladiacoin, but these Ponzi scheme will leave a negative impact on bitcoin and could even crash bitcoin to $500/coin which will give us better purchasing power and the scammers will loose a lot more than the initial cost they invested in the scam.

Bitcoin is a trust base currency and when regular people loose trust it will crash significantly.

I found this info about Gladiacoin owners on FB. However the associated video was deleted.

I watched a Spanish video by a former GC member who is pursuing the owners of GladiaCoin by contacting the authorities in various countries, including the FBI.

Since much of the presentation is repetition (of proof), here’s the brief synopsis by Tony Vee I found in a GC group.

According to this presentation, it is revealed that these are the true owners of Gladiacoin and (the true thieves who stole off with all of our funds): Satur Segade, Oscar Gonzalez-Batista, Antonio Casas, and William Portillo. Satur Segade, real name “Saturnino Segade-Costoya” and Oscar Gonzalez-Batista were the true masterminds behind the Gladiacoin Scam.

Both of these individuals reside in South America. Satur resides in Colombia and Oscar resides in Ecuador.

The rest of the presentation goes on to prove how you can verify proof that they are the ones behind the Gladiacoin scam as well as other “so-called” trading/mining companies they have owned in the past and have done pretty much the same thing they did with Gladiacoin.

It is also revealed too (through the process of site/domain verification and ownership) that Satur Segade and Gonzalez-Batista have been affiliated in the past running many scams in the past 7 years together.

Moreover, if you follow along with the video, by typing the details he shows on the screenshots, you can verify what he’s showing you as proof.

He also explains in the video that if there’s deleted information or stuff that he’s showing that you can’t verify, it’s because both of these individuals are either on the run or hiding trying to keep a low profile with your hard earned money.

Further, he also goes into details that they are running new scams like TwinCoin, JetCoin, plus numerous others and to be aware of these new scams.

He also recommends toward the end of the video to not only report this scam to the suggested authorities, cyber crime investigation organizations, TV stations, etc., but also help his video go viral to help him bring these individuals to justice once and for all.

Andre.. you need to reach out to your sponsor and then if they lost he needs to reach out to her sponsor and so forth until the person above you that earned money is willing to give back what you lost..

That is what occured with our Lineage but it is very rare to find genuine people in the MLM underbelly as OZ so often indicates.

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